Freedom Holding Corp. (FRHC): Business Model Canvas [Jan-2025 Mise à jour]

Freedom Holding Corp. (FRHC) apparaît comme une puissance financière dynamique, se positionnant stratégiquement à l'intersection de l'innovation technologique et des opportunités de marché émergentes en Asie centrale. Avec sa toile de modèle commercial sophistiqué, l'entreprise transforme les services financiers traditionnels en offrant une suite complète de plateformes de trading numérique, des stratégies d'investissement personnalisées et des solutions financières transfrontalières qui s'adressent à un éventail diversifié d'investisseurs - des commerçants de détail au Kazakhstan à l'institution internationale Les clients recherchent un potentiel de marché inexploité.

Freedom Holding Corp. (FRHC) - Modèle d'entreprise: partenariats clés

Partenariat stratégique avec la Bourse du Kazakhstan

Freedom Holding Corp. a un partenariat stratégique avec la Bourse du Kazakhstan (Kase). Depuis 2023, ce partenariat permet:

• Accès direct au principal marché des valeurs mobilières du Kazakhstan
• Capacités de trading sur plusieurs instruments financiers

Détail du partenariat	Données spécifiques
Volume de trading via Kase	1,2 milliard de dollars en 2023
Nombre de titres énumérés	Plus de 200 instruments financiers

Collaboration avec des institutions financières internationales

Freedom Holding Corp. entretient des relations collaboratives avec plusieurs institutions financières internationales.

Institution	Focus de partenariat	Niveau d'engagement
Banque européenne pour la reconstruction et le développement (CBR)	Services financiers transfrontaliers	Collaboration active depuis 2019
International Finance Corporation (IFC)	Développement du marché des capitaux	Partenariat consultatif stratégique

Coopération avec les banques régionales en Asie centrale

Freedom Holding Corp. a établi de vastes partenariats bancaires sur les marchés d'Asie centrale.

• Partenaires avec des banques au Kazakhstan, en Ouzbékistan et au Kirghizistan
• Réseau bancaire régional total: 12 partenariats institutionnels

Pays	Nombre de partenariats bancaires	Valeur totale de transaction
Kazakhstan	5 banques	450 millions de dollars
Ouzbékistan	4 banques	280 millions de dollars
Kirghizistan	3 banques	170 millions de dollars

Partenariats technologiques pour les plateformes de trading numérique

Freedom Holding Corp. a développé des partenariats technologiques stratégiques pour améliorer les capacités de trading numérique.

Partenaire technologique	Capacité de plate-forme	Engagement des utilisateurs
Solutions technologiques NASDAQ	Infrastructure commerciale avancée	Plus de 150 000 commerçants numériques actifs
Intégration du terminal Bloomberg	Données de marché en temps réel	Analyse financière complète

Freedom Holding Corp. (FRHC) - Modèle d'entreprise: activités clés

Services de négociation de courtage et de titres

Au troisième rang 2023, Freedom Holding Corp. a rapporté 637 000 comptes de courtage actifs. Le volume de négociation pour 2023 a atteint 48,3 milliards de dollars sur plusieurs bourses, notamment le NASDAQ, la Bourse du Kazakhstan et la Bourse de Moscou.

Plate-forme de trading	Comptes actifs	Volume de trading annuel
Financement de la liberté	637,000	48,3 milliards de dollars

Banque d'investissement et avis financier

En 2023, Freedom Holding Corp. a effectué 12 transactions bancaires d'investissement d'une valeur totale de 276 millions de dollars.

• Services consultatifs pour les fusions d'entreprise
• Capital Raising Transactions
• Conseil financier stratégique

Services de gestion de patrimoine et de portefeuille

Les actifs gérés ont totalisé 1,2 milliard de dollars en décembre 2023, avec un rendement du portefeuille moyen de 14,7%.

Catégorie d'actifs	Valeur totale	Rendement moyen
Portefeuilles gérés	1,2 milliard de dollars	14.7%

Développement de la plate-forme de trading numérique

Freedom Holding Corp. a investi 8,2 millions de dollars dans l'infrastructure technologique en 2023, en mettant l'accent sur les plateformes de trading mobile et Web.

• Téléchargements d'applications mobiles: 425 000
• Investissements de mise à niveau de la plate-forme: 8,2 millions de dollars
• Capacités de trading en temps réel

Transactions financières transfrontalières

Le volume des transactions transfrontalières a atteint 1,6 milliard de dollars en 2023, couvrant des marchés au Kazakhstan, en Russie, aux États-Unis et aux marchés européens.

Marché	Volume de transaction
Kazakhstan	412 millions de dollars
Russie	538 millions de dollars
États-Unis	410 millions de dollars
Marchés européens	240 millions de dollars

Freedom Holding Corp. (FRHC) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de négociation numérique avancée

Depuis le quatrième trimestre 2023, Freedom Holding Corp. opère avec l'infrastructure technologique suivante:

Ressource technologique	Spécification
Plates-formes de trading	Freedom24 Plateforme numérique
Capacité du serveur	Fiabilité de disponibilité à 99,9%
Sécurité numérique	Protocoles de chiffrement multicouches
Vitesse de traitement des transactions	Temps d'exécution de la sous-seconde

Professionnels financiers expérimentés et analystes

Composition du capital humain du FRHC:

• Total des employés: 658 (au 31 décembre 2023)
• Création professionnelle:
  • CFA Certified Professionals: 42
  • MBA des titulaires de diplôme: 87
  • Spécialistes du marché international: 106

Solides capacités de conformité réglementaire

Ressources de conformité réglementaire:

Juridiction réglementaire	Certifications de conformité
Kazakhstan	Approbation réglementaire complète de l'AIFC
États-Unis	Enregistrement des sociétés membres de la FINRA
Chypre	Institution financière agréée par le CYSEC

Réseau étendu sur les marchés d'Asie centrale

Détails de la présence du marché:

• Pays opérationnels: 7
• Base de clientèle active: 413 000 (au quatrième trimestre 2023)
• Couverture du marché:
  • Kazakhstan
  • Ouzbékistan
  • Kirghizistan
  • Russie
  • Chypre
  • États-Unis

Fonds de capital financier robustes et d'investissement

Mesures de ressources financières:

Métrique financière	Valeur
Actif total	1,2 milliard de dollars (31 décembre 2023)
Capitaux propres des actionnaires	387,5 millions de dollars
Actifs des clients sous gestion	742 millions de dollars
Diversification du portefeuille d'investissement	42 Marchés de valeurs mobilières

Freedom Holding Corp. (FRHC) - Modèle d'entreprise: propositions de valeur

Services financiers complets pour les investisseurs de vente au détail et institutionnels

Au quatrième trimestre 2023, Freedom Holding Corp. a déclaré un actif total de 1,2 milliard de dollars, les actifs du client sous gestion atteignant 750 millions de dollars. L'entreprise offre une gamme diversifiée de services financiers sur plusieurs marchés.

Catégorie de service	Segment des investisseurs	Volume de transaction annuel
Services de courtage	Investisseurs de détail	3,5 milliards de dollars
Banque d'investissement	Investisseurs institutionnels	620 millions de dollars

Opportunités de négociation et d'investissement à faible coût

Freedom Holding Corp. fournit des frais de négociation concurrentiels sur ses plateformes.

• Commission commerciale moyenne: 0,05% par transaction
• Solde du compte minimum: 500 $
• Pas de frais de maintenance mensuels

Accès aux marchés émergents en Asie centrale

La société est spécialisée dans la fourniture d'accès aux investissements au Kazakhstan, en Ouzbékistan et à d'autres marchés d'Asie centrale.

Marché	Pénétration des investissements	Taille du marché
Bourse du Kazakhstan	Part de marché de 35%	12,3 milliards de dollars
Marché des capitaux ouzbékistan	22% de part de marché	4,7 milliards de dollars

Plateformes de trading numérique avancées

Freedom Holding Corp. propose une infrastructure de trading numérique sophistiqué.

• Plateforme de trading mobile avec des données de marché en temps réel
• Interface commerciale basée sur le Web prenant en charge 5 langues
• Outils de cartographie avancée et d'analyse technique

Stratégies d'investissement personnalisées

La société fournit des solutions d'investissement sur mesure avec une gestion de portefeuille diversifiée.

Type de stratégie	Rendement annuel moyen	Niveau de risque
Portefeuille conservateur	5.2%	Faible
Portefeuille équilibré	8.7%	Moyen
Portefeuille agressif	14.3%	Haut

Freedom Holding Corp. (FRHC) - Modèle d'entreprise: relations clients

Plateformes de trading en libre-service en ligne

Freedom Holding Corp. fournit des plateformes de trading en ligne Freedom24 avec les mesures suivantes:

Métrique de la plate-forme	Valeur
Total des utilisateurs enregistrés	1 500 000+ (au quatrième trimestre 2023)
Comptes de trading actifs	650 000+ (au quatrième trimestre 2023)
Volume de trading quotidien moyen	180 millions de dollars (2023)

Support de conseiller en investissement personnel

Freedom Holding Corp. offre des services de conseil en investissement personnalisés avec:

• Gestionnaires d'investissement personnels dévoués
• Services de consultation individuels
• Développement de stratégie d'investissement personnalisé

Métrique de service consultatif	Valeur
Nombre de conseillers professionnels	250+ (2024)
Taille moyenne du portefeuille client	$250,000

Études de marché régulières et ressources éducatives

Freedom Holding Corp. fournit des études de marché complètes et un contenu éducatif:

Ressource de recherche	Quantité
Rapports d'analyse du marché hebdomadaire	52 par an
Sessions de formation du webinaire	48 par an
Matériel éducatif en ligne	Plus de 500 articles / vidéos

Engagement client de l'application mobile

Freedom24 Statistiques d'engagement des applications mobiles:

Métrique de l'application mobile	Valeur
Total des téléchargements d'applications	750,000+ (2023)
Utilisateurs actifs mensuels	450 000+ (Q4 2023)
Sessions quotidiennes quotidiennes moyennes	220,000

Canaux de communication clients personnalisés

Infrastructure de communication multicanal:

Canal de communication	Disponibilité
Assistance par e-mail	24/7
Support téléphonique	Plusieurs langues
Chat en direct	Heures de bureau
Engagement des médias sociaux	Actif sur 5 plateformes

Freedom Holding Corp. (FRHC) - Modèle d'entreprise: canaux

Applications de trading mobile

Freedom Holding Corp. propose des applications de trading mobile disponibles sur les plates-formes iOS et Android. Au quatrième trimestre 2023, la société a signalé 1,2 million d'utilisateurs d'applications mobiles actifs sur ses marchés.

Plate-forme	Télécharger des statistiques	Engagement des utilisateurs
Application iOS	587 000 téléchargements	42% de la base d'utilisateurs mobiles
Application Android	713 000 téléchargements	58% de la base d'utilisateurs mobiles

Plateformes de trading basées sur le Web

Freedom Holding fournit des plateformes de trading Web avec des données de marché en temps réel et des capacités de trading.

• Utilisateurs quotidiens de la plate-forme Web active: 215 000
• Volume de trading moyen via des plateformes Web: 127 millions de dollars par jour
• Disponible en plusieurs langues: russe, kazakh, anglais

Branchies physiques au Kazakhstan

Freeding Holding maintient un réseau de succursales physiques à travers le Kazakhstan.

Région	Nombre de branches	Trafficage quotidien moyen
Almaty	12 branches	1 850 clients par jour
Nur-Sultan	8 branches	1 200 clients par jour
Autres régions	15 branches	950 clients par jour

Équipes de vente directes

Freedom Holding emploie des équipes de vente directes dédiées sur plusieurs marchés.

• Représentants des ventes totales: 423
• Marchés couverts: Kazakhstan, Russie, Chypre, Allemagne
• Acquisition moyenne des clients par représentant: 37 nouveaux clients par mois

Systèmes de support client en ligne

L'entreprise fournit des canaux complets de support client en ligne.

Canal de support	Temps de réponse	Interactions mensuelles
Chat en direct	Moyenne 3,2 minutes	42 500 interactions
Assistance par e-mail	Moyenne de 6,7 heures	18 200 billets
Support téléphonique	Moyenne 4,5 minutes	26 800 appels

Freedom Holding Corp. (FRHC) - Modèle d'entreprise: segments de clientèle

Les investisseurs de détail au Kazakhstan et les pays CIS

Au quatrième trimestre 2023, Freedom Holding Corp. compte 1 624 000 investisseurs de détail enregistrés principalement au Kazakhstan et dans d'autres pays de la CEI.

Pays	Nombre d'investisseurs de détail	Part de marché
Kazakhstan	1,280,000	78.8%
Russie	212,000	13.1%
Autres pays CIS	132,000	8.1%

Investisseurs institutionnels

Freedom Holding Corp. dessert 87 clients institutionnels dans divers secteurs à partir de 2023.

• Institutions bancaires: 24
• Compagnies d'assurance: 18
• Fonds d'investissement: 29
• Fonds de pension: 16

Individus à haute nette

La société gère environ 425 millions de dollars d'actifs pour les clients à forte valeur à haute teneur avec des tailles de portefeuille moyens allant de 500 000 $ à 5 millions de dollars.

Gamme de taille de portefeuille	Nombre de clients	Total des actifs sous gestion
500 000 $ - 1 million de dollars	412	186 millions de dollars
1 million de dollars - 3 millions de dollars	203	164 millions de dollars
3 millions de dollars - 5 millions de dollars	89	75 millions de dollars

Petits à moyens investisseurs commerciaux

Freedom Holding Corp. soutient 246 petits et moyens investisseurs commerciaux avec des services d'investissement spécialisés.

• Secteur de la technologie: 62 entreprises
• Fabrication: 54 entreprises
• Services: 78 entreprises
• Retail: 52 entreprises

Investisseurs internationaux

Les investisseurs internationaux représentent 12,5% de la clientèle totale de Freedom Holding Corp., avec 203 000 clients internationaux enregistrés.

Région	Nombre d'investisseurs internationaux	Pourcentage
Europe	86,000	42.4%
Asie	67,000	33.0%
Amérique du Nord	50,000	24.6%

Freedom Holding Corp. (FRHC) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Depuis 2023, Freedom Holding Corp. a déclaré des frais d'infrastructure technologique de 12,4 millions de dollars. La ventilation comprend:

Catégorie de coûts technologiques	Dépenses annuelles ($)
Infrastructure de cloud computing	4,600,000
Systèmes de cybersécurité	3,200,000
Systèmes de réseau et de communication	2,800,000
Licence de logiciel	1,800,000

Salaires et avantages sociaux des employés

La rémunération totale des employés pour 2023 était de 47,6 millions de dollars, avec la distribution suivante:

• Salaires de base: 34 200 000 $
• Bonus de performance: 8 500 000 $
• Assurance maladie: 2 700 000 $
• Prestations de retraite: 2 200 000 $

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 ont totalisé 5,9 millions de dollars, notamment:

Zone de conformité	Coût annuel ($)
Services de conseil juridique	2,300,000
Audit et rapport	1,800,000
Licence et permis	1,100,000
Formation de la conformité	700,000

Coûts de marketing et d'acquisition des clients

Les dépenses de marketing pour 2023 étaient de 9,3 millions de dollars, structurées comme suit:

• Marketing numérique: 4 100 000 $
• Publicité traditionnelle: 2 600 000 $
• Programmes de référence client: 1 500 000 $
• Marketing d'événement: 1 100 000 $

Investissements de recherche et développement

Les investissements en R&D pour 2023 s'élevaient à 6,7 millions de dollars, alloués entre:

Zone de focus R&D	Investissement ($)
Développement de la technologie financière	3,500,000
Amélioration de la plate-forme de trading	2,100,000
Recherche de trading algorithmique	1,100,000

Freedom Holding Corp. (FRHC) - Modèle d'entreprise: Strots de revenus

Commission des transactions commerciales

Pour l'exercice terminé le 31 mars 2023, Freedom Holding Corp. 143,9 millions de dollars dans le courtage et les revenus de commission.

Source de revenus	Montant (USD)	Pourcentage du total des revenus
Commissions commerciales	143,9 millions de dollars	48.3%
Brokerage en valeurs mobilières	52,3 millions de dollars	17.6%

Frais de banque d'investissement

Les revenus de la banque d'investissement pour l'exercice 2023 ont totalisé 18,2 millions de dollars.

• Services de souscription
• Avis de fusion et d'acquisition
• Consultations en matière de levée de capitaux

Frais de service de gestion des actifs

Les revenus du service de gestion des actifs atteignent 12,5 millions de dollars Au cours de l'exercice 2023.

Services de gestion des actifs	Revenus (USD)
Gestion du portefeuille discrétionnaire	7,3 millions de dollars
Avis non discritaire	5,2 millions de dollars

Revenu des intérêts du trading des marges

Les revenus d'intérêts de marge pour l'exercice 2023 37,6 millions de dollars.

• Intérêt sur les prêts de marge
• Frais de financement
• Revenus de facilité de crédit

Revenus de service consultatif

Les revenus du service consultatif équivalaient à 8,7 millions de dollars Au cours de l'exercice 2023.

Type de service consultatif	Revenus (USD)
Avis financier des entreprises	5,4 millions de dollars
Conseil stratégique	3,3 millions de dollars

Freedom Holding Corp. (FRHC) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose Freedom Holding Corp. (FRHC) over competitors, which boils down to integration and market reach. The value proposition centers on delivering a comprehensive financial and lifestyle platform through a single digital interface.

Unified digital ecosystem: Brokerage, banking, insurance, and lifestyle in one SuperApp

The primary value is the SuperApp, which seamlessly blends diverse services. As of September 30, 2025, the group's worldwide customer base reached 6.1 million clients across all business lines. This ecosystem is designed to touch nearly every aspect of a customer's financial life. For instance, as of March 31, 2025, the number of insurance customers stood at 1.17 million, while banking clients at Freedom Bank KZ reached 2.5 million. The company is actively expanding these non-core financial offerings; the revenue from the 'Other' segment, which includes lifestyle, telecom, and payment services, increased by 72% to $144 million for the fiscal year ended March 31, 2025. The SuperApp itself, launched in April 2024, surpassed 1 million monthly active users and 183,000 daily active users within its first year as of March 31, 2025. The total assets supporting this ecosystem grew to $10.3 billion by September 30, 2025.

Here's a quick look at the customer scale across the integrated segments:

Segment	Customer Count (Latest Available)	Date of Data Point
Total Worldwide Clients	6.1 million	September 30, 2025
Brokerage Customers	776,000	September 30, 2025
Banking Customers (Freedom Bank KZ)	2.5 million	March 31, 2025
Insurance Customers	1.17 million	March 31, 2025

Democratized access to capital markets for retail investors

Freedom Holding Corp. provides retail investors with broad access to global markets, evidenced by strong revenue generation from these activities. Brokerage revenue for the third quarter of fiscal 2025 hit $213.3 million. Fee and commission income, which reflects retail client activity, totaled $239.9 million for the first half of fiscal year 2026 (ending September 30, 2025). The retail brokerage account base grew to 776,000 by September 30, 2025, up from 683,000 on March 31, 2025. This access is supported by the platform's ability to attract and service a growing base, with active brokerage accounts surging by 57% to surpass 151,000 as of March 31, 2025.

High-growth market access for institutional investors (Central Asia focus)

The company offers institutional access leveraging its strong regional footprint. Freedom Holding Corp. operates through subsidiaries and representative offices in 22 countries. Its headquarters and primary focus remain in Central Asia, with the ecosystem serving approximately 26.5% of Kazakhstan's population as of June 30, 2025. A key strategic move to facilitate institutional and trade flows was the September 11, 2025, agreement between Freedom Bank, UnionPay Business, and Verum Payments to create a Kazakh-Chinese e-commerce and digital economy settlement system. This initiative is designed to strengthen financial ties between Central Asia and China.

Shareholder loyalty program tied to FRHC stock for rewards

Freedom Holding Corp. offers a unique incentive structure where customers can be tied directly to the company's success. The company explicitly mentions a cash back program that allows customers to be part of the company through the value of Freedom Holding Corp. shares. While specific customer participation rates or incremental revenue lift from this program aren't detailed in the latest reports, the existence of this direct stock-linked reward is a stated value proposition within the Freedom digital ecosystem.

Digital-first, fast, and cost-efficient cross-border payments

The push for digital-first payments is concretely demonstrated by the partnership signed on September 11, 2025, with UnionPay Business. This agreement is specifically aimed at creating a settlement system that will streamline payment processes and accelerate cross-border digital trade. UnionPay Business will support Freedom Bank in opening yuan and US dollar correspondent accounts in Chinese banks, providing the necessary technical infrastructure for secure payment channels. This directly supports the value proposition of offering faster and more cost-efficient payment solutions for digital trade between the regions.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Customer Relationships

You're looking at how Freedom Holding Corp. (FRHC) manages its growing client base across its integrated ecosystem as of late 2025. The strategy clearly leans into digital scale for the mass market while reserving high-touch service for premium segments. This approach is what drives the rapid customer acquisition you see in their financial filings.

The core of the retail relationship is automated self-service, centered on the Freedom SuperApp. This platform is designed to be the single point of entry for brokerage, banking, and insurance services, plus lifestyle features like shopping and saving. While the prompt suggested a figure over 2 million users, the latest confirmed data for the Freedom SuperApp shows strong adoption, with over 1 million monthly active users as of March 31, 2025. This digital engine supports the broader growth across the holding.

The digital onboarding process is clearly effective, especially for the banking arm. Freedom Bank KZ saw its client base more than double, reaching approximately 2,515,000 bank customers as of March 31, 2025, up significantly from about 904,000 the prior fiscal year-end. This rapid scaling is a direct result of making the initial sign-up process frictionless.

To give you a clearer picture of the scale, here's how the key customer metrics looked at the end of the fiscal year 2025:

Customer Metric	Count as of March 31, 2025	Year-over-Year Change Context
Freedom Bank KZ Customers	2,515,000	More than doubled from 904,000 in FY2024
Retail Brokerage Customers	683,000	29% year-on-year increase
Insurance Customers	1,170,000	Increased from 534,000 in FY2024
SuperApp Monthly Active Users (MAU)	Over 1,000,000	Launched in April 2024

For the institutional and high-net-worth side, the relationship model shifts entirely. You won't find these clients relying solely on an app interface. Freedom Holding Corp. deploys dedicated relationship managers for investment banking and institutional clients. This is where the high-touch, bespoke service comes in, supporting complex capital markets activities and large-scale asset management needs that require direct expert consultation.

The company also fosters a sense of ownership and stickiness through its community-based loyalty program. This program is quite clever, as it incentivizes continued engagement by offering cash back rewards in the form of a unique currency that is linked to the value of Freedom Holding Corp. shares. This directly ties the customer's daily transactional behavior to their investment interest in the company itself. It's a smart way to build a captive, invested user base.

The overall customer engagement strategy is about layering services:

• Digital First: Driving volume and efficiency through the SuperApp for retail banking and brokerage.
• High-Touch: Providing dedicated managers for institutional and investment banking clients.
• Incentivized Loyalty: Using share-linked cashback to deepen retail client commitment.
• Rapid Scale: Achieving a 29% growth in brokerage customers to 683,000, fueling fee income of $505.0 million for fiscal 2025.

If onboarding for new bank clients takes longer than expected, churn risk rises, but the numbers suggest they are managing the digital flow well. Finance: draft 13-week cash view by Friday.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Channels

You're looking at how Freedom Holding Corp. gets its value propositions-from brokerage access to lifestyle services-into the hands of its customers. It's a deliberate mix of digital-first and physical presence, which is key to their ecosystem strategy.

Freedom SuperApp (primary digital distribution channel)

The Freedom SuperApp is definitely the central hub for customer interaction now. It's designed to be the single point of access for the entire financial and lifestyle offering. You saw the numbers from its first year of operation following its April 2024 launch.

• Surpassed 1 million monthly active users as of March 31, 2025.
• Maintained 183,000 daily active users within its first year.
• Integrates brokerage, banking, and insurance services.
• Includes cashback and retail savings features for daily use.

This platform is where the cross-selling really happens, moving customers from simple banking to more complex investment products.

Freedom24 online brokerage platform (international reach)

Freedom24 is the established international face for the core brokerage business, especially across Europe. It gives retail clients access to global markets, which is a massive part of their commission income stream. The growth here is steady, even as the SuperApp takes the spotlight domestically.

Here's a quick look at the brokerage customer base growth leading up to late 2025:

Metric	Date	Value
Retail Brokerage Customers	March 31, 2025	683,000
Brokerage Accounts (Growth)	FY2025 (vs FY2024)	29% increase
Brokerage Customers (Latest Reported)	June 30, 2025 (Q1 FY2026)	725,000
European Clients (Approximate)	End of 2024	Over 300,000

The fee and commission income from brokerage services alone hit $430.1 million for fiscal year 2025, contributing significantly to the total commission income of $505 million for that year.

Network of physical offices and representative offices in 22 countries

While the digital push is clear, the physical footprint remains important for trust and local market penetration, especially in core regions like Central Asia. Freedom Holding Corp. maintains a presence across a wide geographic spread.

• Operates through subsidiaries and representative offices in 22 countries as of March 31, 2025.
• As of June 30, 2024, the company reported approximately 132 offices.

This physical network supports the local operations of Freedom Bank KZ and the insurance arms, which are critical for customer onboarding and service delivery.

Freedom Telecom network (B2B/B2G telecom services)

This is a newer, strategic channel for B2B and B2G (business-to-government) revenue, diversifying away from pure retail finance. The acquisition in April 2025 signaled a serious commitment to this area.

The telecom segment is bundled into the 'Other' category, which saw substantial growth:

• 'Other' segment revenue (including telecom, lifestyle, payments) increased 72% to $144 million in fiscal year 2025.
• On April 30, 2025, Freedom Telecom acquired Astel Group Ltd. for $22.6 million.
• Astel Group provides modern telecom services specifically in the B2G and B2B segments.

For the first quarter of fiscal year 2026 (ended June 30, 2025), the combined lifestyle and telecoms businesses contributed $36.9 million in revenue.

E-commerce and lifestyle platforms (e.g., Arbuz.kz, Aviata)

These lifestyle platforms act as crucial top-of-funnel channels, bringing in non-financial users who can then be introduced to the core financial services. They are integrated into the ecosystem strategy, often via the SuperApp.

The key platforms driving this channel include Arbuz.kz, Aviata, and Freedom Ticketon. Their contribution is captured within the 'Other' segment revenue stream mentioned above. The acquisition of SilkNetCom LLP also bolsters this lifestyle/telecom grouping.

If you're tracking the top-line impact, the entire 'Other' segment revenue for FY2025 was $144 million.

Finance: draft 13-week cash view by Friday.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Customer Segments

You're looking at how Freedom Holding Corp. (FRHC) segments its massive and increasingly diverse customer base as of late 2025. Honestly, the strategy is clearly about building a unified ecosystem, moving beyond just one product. The numbers show rapid growth across the board, especially in banking and insurance.

The core retail segments are substantial, driven heavily by their digital push through the Freedom SuperApp, which surpassed 1 million monthly active users and 183,000 daily active users in just over a year since its April 2024 launch. By the end of Q1 Fiscal Year 2026 (June 30, 2025), the total customer base had grown to over 5.3 million people.

Here's a breakdown of the key customer groups as of the latest reported periods:

• Mass-market retail banking clients: 2,515,000 bank clients as of March 31, 2025.
• Retail brokerage investors: 725,000 brokerage accounts as of June 30, 2025.
• Insurance customers: 1.4 million clients as of June 30, 2025.
• Institutional/Corporate/Government clients: Served via Freedom Telecom/Astel Group Ltd..

The retail banking segment, primarily through Freedom Bank KZ, saw its customer count more than double in FY2025, going from approximately 904,000 on March 31, 2024, to 2,515,000 by March 31, 2025. By June 30, 2025, this had further expanded to 2.9 million. To be fair, the CEO stated Freedom Bank has become the third-largest bank in Kazakhstan by active clients.

For the brokerage side, the number of retail brokerage accounts ended Fiscal Year 2025 at 683,000, up from 530,000 at the end of the prior fiscal year. This segment saw its account number tick up again to 725,000 by the first quarter of Fiscal Year 2026.

The insurance segment, focusing on pension and accident products, showed explosive growth, with customers increasing from 534,000 in FY2024 to 1,170,000 by March 31, 2025, reaching 1.4 million by June 30, 2025. This growth drove underwriting income up 134% to $617.6 million for FY2025.

Freedom Holding Corp. is clearly segmenting its market to capture a full financial lifecycle, which you can see mapped out here:

Customer Segment Category	Specific Sub-Segment/Focus	Latest Count (Approx. as of late 2025)	Key Metric/Context
Mass-Market Retail	Freedom Bank KZ Clients	2.9 million	Customer base as of June 30, 2025
Retail Investment	Brokerage Account Holders	725,000	Accounts as of June 30, 2025
Risk/Savings	Insurance Policyholders (Pension/Accident)	1.4 million	Client base as of June 30, 2025
Institutional/Corporate	B2B Telecom Services	N/A	Served by newly acquired Astel Group Ltd.
Government	B2G Contracts	N/A	Services provided via Freedom Telecom infrastructure

The non-financial segments are also growing, contributing to the overall ecosystem. The 'Other' segment, which includes lifestyle and telecom, saw revenue increase 72% to $144 million in FY2025. This includes platforms like Arbuz.kz and Aviata, plus the newly integrated telecom business. The CEO mentioned building the ecosystem to serve over 7 million clients across all segments.

You should note the shift in revenue contribution; brokerage used to be the primary driver, but revenue is now more evenly distributed across insurance and banking, which creates a more stable model. Finance: draft a sensitivity analysis on the impact of a 10% drop in new bank client acquisition for Q2 FY2026 by Monday.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Cost Structure

You're looking at the major outlays Freedom Holding Corp. (FRHC) made to run its diversified financial ecosystem for the fiscal year ending March 31, 2025. The cost structure is heavily weighted toward personnel and technology, which makes sense for a firm pushing a digital conglomerate strategy.

The overall scale of operations is captured by the Total Operating Expenses, which hit approximately $1.94 billion for FY2025. This figure reflects the cost of supporting a rapidly expanding customer base across brokerage, banking, and insurance segments.

Personnel is a significant fixed cost. The company maintained a headcount of 8,764 employees as of March 31, 2025. This number covers payroll and bonuses across its 22 countries of operation, though 95% of staff are based in Kazakhstan. Scaling that quickly means compensation and related costs are a primary driver of the expense base.

Investment in the digital backbone is critical, which shows up both in operating expenses and specific capital allocations. The CEO noted that growth reflects investments in digital infrastructure and AI. While some tech spending is captured in the ESG bucket, the commitment to technology is clear.

Here's a quick math on the key financial components that make up the cost side of the ledger for FY2025:

Cost Component	Amount (FY2025)
Total Operating Expenses	$1.94 billion
Total Fee and Commission Expense	$346.074 million
ESG and Social Investment Initiatives	$57.6 million

When you look specifically at the fees and commissions, which are costs related to brokerage and banking activities, the expense was substantial. The Total Fee and Commission Expense for the year was $346.074 million. This expense is directly tied to the volume of transactions and customer activity across their platforms.

The commitment to social responsibility and future technology is formalized through dedicated ESG spending. The total external ESG-oriented investments for FY2025 amounted to $57.6 million. A portion of this was directed toward technology development, which is a key part of their long-term cost strategy, even if categorized as social investment.

The specific technology investments highlighted within the ESG framework show where they are directing capital for future efficiency and product development. These include:

• Investment for the construction and equipping of a new artificial intelligence facility at SDU University: $2.73 million.
• Allocation to the Freedom Fintech Bootcamp program for training specialists in Data Science and Machine Learning: $0.13 million.
• Total external ESG-oriented investments for the fiscal year: $57.6 million.

Finance: draft 13-week cash view by Friday.

Freedom Holding Corp. (FRHC) - Canvas Business Model: Revenue Streams

You're looking at where the money actually comes from for Freedom Holding Corp. (FRHC) as of late 2025. It's a mix, but the core is definitely in the financial services side, which makes sense for a brokerage and banking operation.

The biggest single driver right now is Interest Income from margin lending and customer loans. For the full Fiscal Year 2025, that number hit $864.5 million. That's a substantial chunk, showing the leverage in their client accounts is a major earnings engine. It's the bedrock, really.

Next up, Insurance Underwriting Income shows some serious growth. They booked $617.6 million in FY2025 from this line. What's more interesting is the pace; that represents a 134% increase year-over-year. That growth rate definitely warrants a closer look at their underwriting strategy. They're scaling that business fast.

Fee and Commission Income, the bread-and-butter for any brokerage, brought in $505.0 million for FY2025. This covers everything from brokerage execution fees to banking service charges. It's steady, predictable revenue, you know?

We can map out the major revenue sources for FY2025 right here:

Revenue Stream Category	FY2025 Amount (Millions USD)	Key Driver
Interest Income (Lending/Loans)	$864.5 million	Margin Balances
Insurance Underwriting Income	$617.6 million	Policy Growth & Pricing
Fee and Commission Income	$505.0 million	Trading & Banking Activity
Telecom, E-commerce, Lifestyle Revenue	$144 million	Non-Core Segment Sales

Then you have the market-sensitive component. The Net Gain on Trading Securities and Derivatives was $89.6 million just for the third quarter of FY2025. This number is volatile, but it shows they are actively managing their own book or benefiting from client hedging/trading activity. It's a swing factor.

It's not all finance, though. Freedom Holding Corp. (FRHC) has diversified a bit into other areas. Revenue from their Telecom, E-commerce, and Lifestyle segments totaled $144 million in FY2025. This is the non-financial revenue stream, giving them some optionality outside of pure market movements.

Here's a quick breakdown of the reported FY2025 streams:

• Interest Income: $864.5 million
• Insurance Income: $617.6 million
• Fees/Commissions: $505.0 million
• Non-Financial Segments: $144 million

If onboarding takes 14+ days, churn risk rises, but for revenue, the key is tracking the growth in the insurance line against the stability of the commission line. Finance: draft 13-week cash view by Friday.